ETH/USD AND RKT/ETH FIXED RATE

3 min readFeb 6, 2018

Dear Rockers

ETH/USD AND RKT/ETH FIXED RATE

While the price of RKT is fixed at US$0.10 per RKT, the payment for RKT in our token sale is in ETH. On 5th February we announced that the individual cap was US$614.68 or 6,146.80 RKT per person.

We also previously announced that we would be fixing the ETH/USD and thus a RKT/ETH fixed rate based on the published ETH/USD price on https://coinmarketcap.com on 6 February (12:00:00 UTC). However, cryptocurrency prices in general are on a downward trend.

At the GBX we believe in the applications of the blockchain technology and the cryptocurrency market in general. Fixing the price on 6 February (12:00:00 UTC) may capture the price in a downward trend that may be based on an outlier and may not be fair to the public in general.

We decided therefore that instead of fixing the price based on a specific point of time — 6 February (12:00:00 UTC) — we will use an average of the ETH/USD price over the past 3 days.

The method we have used takes the average of the Daily Close Prices from https://coinmarketcap.com for the dates of 4 February and 5 February (in UTC time) , and at 12:00:00 UTC on 6 February. The illustration is as follows:

ETH/USD Daily Close Prices for 4th and 5th Feb on CoinMarketCap

ETH/USD Rate for 6th Feb 12:00:00 (UTC) on CoinMarketCap

Daily Close Price at 4 February : US$834.68

Daily Close Price at 5 February: US$697.95

Price at 6 February (12:00:00 UTC): US$614.44

Therefore, the average of these 3 prices is:

(834.68 + 697.95 + 614.44) / 3 = US$715.69

ETH/USD fixed price: US$715.69 per ETH

RKT/USD fixed price: US$0.10 per RKT

RKT/ETH fixed price is therefore US$715.69 x 10 = 7156.9 RKT per ETH

This means an individual cap per person of US$614.68 = 614.68 / 715.69

= 0.859 ETH

We note that our fixed price of ETH/USD of US$715.69 is considerably higher than the current spot price at the point of this publishing, and this is a sign of our gratitude to you, our community, for supporting the GBX project and RKT. We have total confidence in our own product, the industry and the roadmap of our developments in general and we look forward to you all sharing in our journey.

The same rate will be applied on the RKT Sale to be launched 8th February, 12:00 UTC on QRYPTOS operated by QUOINE, licensed cryptocurrency exchange by Japan FSA (https://qryptos.com)

Nick Cowan

CEO
GSX Group

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